v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue, net (includes $4.7 million and $16.9 million with related parties for the three months ended June 30, 2026 and 2025, respectively, and $12.0 million and $30.7 million with related parties for the six months ended June 30, 2026 and 2025, respectively) $ 707,331   $ 603,311   $ 1,413,935 $ 1,161,881
Operating expenses:            
Total direct costs 505,694   423,298   1,015,972 803,518
Selling, general and administrative 48,103   46,664   96,020 104,561
Depreciation 6,555   6,777   13,306 13,471
Amortization 155   237   310 473
Total operating expenses 560,507   476,976   1,125,608 922,023
Income from operations 146,824   126,335   288,327 239,858
Other income (expense), net:            
Miscellaneous (expense) income, net (147)   (2,875)   824 (4,691)
Interest income, net 4,986   1,078   10,103 7,541
Total other income (expense), net 4,839   (1,797)   10,927 2,850
Income before income taxes 151,663   124,538   299,254 242,708
Income tax provision 30,301   34,278   54,022 37,853
Net income $ 121,362 $ 123,870 $ 90,260 $ 114,595 $ 245,232 $ 204,855
Net income per share attributable to common shareholders:            
Basic (in dollars per share) $ 4.31   $ 3.16   $ 8.66 $ 6.95
Diluted (in dollars per share) $ 4.25   $ 3.10   $ 8.53 $ 6.79
Weighted average common shares outstanding:            
Basic (in shares) 28,174   28,601   28,308 29,489
Diluted (in shares) 28,554   29,143   28,761 30,165
Direct Costs            
Operating expenses:            
Total direct costs $ 202,555   $ 185,826   $ 400,829 $ 363,642
Reimbursable Out of Pocket Costs            
Operating expenses:            
Total direct costs $ 303,139   $ 237,472   $ 615,143 $ 439,876